I'm glad the media is finally reporting that, but all I can say is "DUH!"
When California was in the middle of a recession 3 years ago my state assembly representative (a democrat) said, and I quote, "Well, we're not taking in enough money so naturally we have to raise taxes."
To the ignorant, that sounds fine. But to those who have taken Economics 101, it is crystal clear that this sentiment, shared by the vast majority of liberals and democrats and progressives throughout the country, is imbecilic. What caused the Great Depression? Not the stock market crash, but the increase in taxes that followed. History shows that 100% of the time, if people are allowed to spend more of their own money (i.e., if taxes are lowered), the government actually takes in MORE money and the country comes out of a recession.
These people are so cocky and arrogant that although surely they know our nation's history, they think they can do a better job and not cause these economic problems by raising taxes. It's impossible that they're this stupid.